Repsol is going to accelerate the dividend in an environment of normalization of prices that has weighed down its net profit by 44% compared to the first half of last year, until it stands at 1.420 million. The figure is still well above the numbers it was handling before the energy crisis, which sent prices skyrocketing. In fact, the group led by Josu Jon Imaz has achieved the objectives it set for 2025 two years ahead of schedule, which will allow the company to review its roadmap next year and reward its shareholders.
To improve investor remuneration, Repsol is going to repurchase and redeem 60 million shares, which will be added to the 50 million shares that the group already redeemed in June. With this formula, the company withdraws shares from the market, which raises the value of the titles in the hands of the owners of the capital, as their current value on the stock market is divided into a smaller number of shares. The combination of dividends and capital reduction will mean in 2023 the distribution of close to €2.4 billion to shareholders, as the company has transferred.
Despite the return to bed of the energy markets, Repsol’s results continue to be above pre-pandemic levels, before oil and gas prices plunged due to Covid-19 and then skyrocketed due to the war in Europe. The stabilization that has marked the first six months of the year (in which gas prices have fallen by 55% and those of crude oil 23,7%) explains that practically all Repsol’s business areas have recorded a result that, although notable, is lower than last year.
Repsol’s adjusted net result, which measures the progress of the business without taking into account extraordinary impacts such as price volatility, has been 2,718 million15% less than in the same period of 2022.
In Exploration and Production, the adjusted result amounted to 410 million, 537 million less than the same period of 2022 due to the fall in the prices of the commodities and higher production costs. Regarding the Industrial business, the adjusted result amounted to 344 million, 848 million below the same period of 2022.
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